Silverline Scheme of Arrangement, allotment of shares approved

Silverline Technologies Ltd has informed that the Board of Directors of the Company at its meeting held on November 22, 2007, inter alia, has approved the allotment of the Equity Shares pursuant to the order of Scheme of Arrangement as approved by the Hon'ble Court, Bombay. The details of the shareholding pattern was laid on the table and the same was approved and thereafter authorized some of the Board Members and also authorized persons to take the necessary action to give effect to the above transaction and ensure compliance.